Cannabidiol, commonly referred to as CBD, is one of the fastest growing natural remedies in the market today. It is a compound derived from plants within the Cannabis family like Hemp and Marijuana and has shown to offer great relief to patients for a wide range of different ailments. But the verdict is still not out from Health Canada’s perspective (despite marijuana being totally legal for recreational use). That means some restrictions on sales and marketing of CBD products and companies. Here let’s look at what you need to know when it comes to processing credit and debit card transactions for your CBD business.
Health Claims In Marketing & Sales Pages
Despite all of the proof and ongoing research into the efficacy of CBD for chronic ailments like: pain, anxiety, sleeplessness, mood swings, and seizures, you still cannot make these claims when selling CBD. So you’ll have to be careful not to include marketing or sales literature in your store or on your website that make health claims related to CBD. Now, we’ve all seen that businesses both online and in-person do make these claims, but Health Canada can crack down on them. That is something you do not want to deal with. Companies can face closure, fines, and even criminal charges, so be sure you’re not making health claims related to Cannabidiol.
Processing Credit & Debit Cards
Here you will need to find a suitable solution as many of the larger banks and merchant service providers will still not take on CBD or Cannabis dispensary companies. But not to worry. In fact, working with large agencies for this sort of business is something you would prefer to avoid anyways. That being said you have some great choices. Use smaller specific CBD merchant services who work in the CBD and Cannabis industry directly. They know all of the ins and outs of what is and is not required of a CBD company, be that online or brick and mortar.
Why Is It Important To Have A Qualified CBD Merchant Service?
For a few reasons. Firstly, they know the CBD and Cannabis industry and what is required to stay legal and get everything in place. Secondly, they can get you the proper rates that are market standard for all businesses. Some of the larger banks and agencies will want to label you as “high risk”, meaning higher fees, worse processing rates, and overall slower direct deposit time frames. This should not be the case and leading CBD credit card processing companies will be able to offer you the same great rates and fast direct deposit time frames as any other company. After all, why should dispensaries and CBD companies be viewed any different than a restaurant or sporting goods store? They should not.
So if you run a CBD business, whether that is a store with a physical location or an ecommerce website, be sure you’re going with a qualified processor. For the best in CBD Business Merchant Services Canada, look no further than nearly a decade in the industry right here at BrotherProcessing.com. We are investors in this industry and work with each and every client on an individual basis. Call Stuart directly today and discuss your options. 1-800-891-8965